Correlation Between G Bits and Tengda Construction
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By analyzing existing cross correlation between G bits Network Technology and Tengda Construction Group, you can compare the effects of market volatilities on G Bits and Tengda Construction and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in G Bits with a short position of Tengda Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Bits and Tengda Construction.
Diversification Opportunities for G Bits and Tengda Construction
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between 603444 and Tengda is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding G bits Network Technology and Tengda Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tengda Construction and G Bits is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on G bits Network Technology are associated (or correlated) with Tengda Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tengda Construction has no effect on the direction of G Bits i.e., G Bits and Tengda Construction go up and down completely randomly.
Pair Corralation between G Bits and Tengda Construction
Assuming the 90 days trading horizon G bits Network Technology is expected to generate 1.05 times more return on investment than Tengda Construction. However, G Bits is 1.05 times more volatile than Tengda Construction Group. It trades about -0.14 of its potential returns per unit of risk. Tengda Construction Group is currently generating about -0.38 per unit of risk. If you would invest 22,201 in G bits Network Technology on October 9, 2024 and sell it today you would lose (1,473) from holding G bits Network Technology or give up 6.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G bits Network Technology vs. Tengda Construction Group
Performance |
| Timeline |
| G bits Network |
| Tengda Construction |
G Bits and Tengda Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Bits and Tengda Construction
The main advantage of trading using opposite G Bits and Tengda Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Bits position performs unexpectedly, Tengda Construction can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Tengda Construction will offset losses from the drop in Tengda Construction's long position.| G Bits vs. Shenzhen Silver Basis | G Bits vs. Shenyang Blue Silver | G Bits vs. SUNSEA Telecommunications Co | G Bits vs. Ningbo Ligong Online |
| Tengda Construction vs. Agricultural Bank of | Tengda Construction vs. Industrial and Commercial | Tengda Construction vs. Bank of China | Tengda Construction vs. PetroChina Co Ltd |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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